From meds to mining: meet Mod

It might not be the best bit of timing amid the market carnage, but the renamed Mod Resources will begin trading on the Australian Securities Exchange tomorrow with an all-star cast of investors.

Mod was previously known as Medical Corporation Australasia but changed its name when Perth mining identity Miles Kennedy – he of the stoush with Sandfire Resources managing director Karl Simich back in 2009 – became chairman and the company agreed to acquire a “highly prospective" copper project in north-western Botswana.

Under its previous moniker, Mod invested in medical technology and manufacturing ventures.

The company undertook a capital raising last month to raise $2 million upon its conversion to a resources outfit. It closed oversubscribed.

Among those taking up the offer was James Packer’s Cavalane Holdings, which is the second-largest shareholder, and Perth property identity Tim Roberts.